Page 3266 - Business Finance
Delhi minorities panel summons DSFDC officials over 'meagre loans given to small number' of people
Concerned over "meagre loans given to a small number" of minorities in the national capital, Delhi's minorities body has summoned officials of government lending agency DSFDC to explain reasons behind it. Delhi Minorities Commission chairman Zafarul Islam Khan said in response to the panel's notice, the Delhi SC/ST/OBC/Minorities and Handicapped Financial and Development Corporation (DSFDC) has informed them that in 2017-18 fiscal, 18 loan applications from minorities were received, out of which 16 were approved, one was rejected and one application is still under consideration. "The beneficiaries included 14 Muslims and two Sikhs who got loans totalling Rs 15.5 lakh," Khan said citing the corporation's reply. According to the last Census report, minorities form roughly 20 per cent of Delhi's population. Muslims alone were nearly 13 percent of the total population of the city. "It is clear that these meagre loans to such a small number mean nothing looking at the population of the ...
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar
Government think tank Niti Aayog is working on a proposal to replace LPG subsidy with cooking subsidy in order to extend the benefits to people using piped natural gas and biofuels for cooking purposes, a top official said today. Niti Aayog Vice Chairman Rajiv Kumar said subsidy should be applicable for all fuels that are used for cooking. At present, the government extends subsidy to users of Liquefied Petroleum Gas (LPG). "Niti Aayog is working on a proposal to replace LPG subsidy with cooking subsidy. LPG is a specific product, a subsidy should be for larger set of all products/ fuels which are used for cooking. "(For) all fuels which are used for cooking, subsidy should be applicable. Because if there are some cities where PNG (Piped Natural Gas) is used, then it is only logical that the subsidy be extended to them also," Kumar told PTI in an interview. Kumar's comments also come against the backdrop of apprehensions in certain quarters that subsidy only for LPG users is ...
Shoppers Stop bets on omni-channel strategy to grow biz
Brick and mortar retailer Shoppers Stop is betting big on an omni-channel retail strategy -- a combination of physical stores and online site -- to grow its business and aims to be completely debt-free by the end of this fiscal. The company, which exited non-core businesses last year by selling its stakes in Hypercity Retail, Timezone Entertainment Pvt Ltd and Nuance Group (India) Pvt Ltd -- its duty-free airport retailing joint venture -- said it will make focused and substantial investments to embrace new technologies and infrastructure for the omni-channel. "We believe that these exits (divestment) will serve in giving us the eagle eye focus required to significantly scale-up our core-businesses while also dramatically change our balance sheet and thereby increase shareholder value. We aim to be completely debt-free by financial year 2018-19," Shopper Stop said in annual report for 2017-18. It further said: "This year, the company shall focus on strengthening its e-commerce ...
Housing sales in NCR up 23% in April-June over previous qtr : ANAROCK
Housing demand that was hit by demonetisation seems to be recovering in the national capital region (NCR) with sales rising 23 per cent to 11,150 units during April-June 2018 over the previous quarter, according to a study. Property consultant ANAROCK in its latest report said housing sales in Delhi-NCR during March quarter stood at 9,100 units. However, the sales were marginally down from 11,450 units in the corresponding period of the previous year. "Housing sales across the top 7 cities of India also rose 24 per cent compared to January-March 2018, indicating that hitherto abstaining home buyers are back on the market. Developers are working hard on clearing unsold inventory with attractive schemes, freebies and discounts," ANAROCK Property Consultant Anuj Puri said. The positive impact of policy reforms including real estate law RERA and GST have begun to bear fruit, he added. The seven major cities tracked are -- NCR, Mumbai Metropolitan Region (MMR), Chennai, Bengaluru, Pune, ...
FDI in services sector slumps 23% in 2017-18
FDI inflows in the services sector declined by about 23 per cent to USD 6.7 billion in 2017-18, according to the Department of Industrial Policy and Promotion (DIPP). The sector had attracted FDI worth USD 8.68 billion in 2016-17. The services sector includes finance, banking, insurance, outsourcing, R&D, courier, tech testing and analysis. As far as overall FDI inflows are concerned, the growth rate recorded a five-year low of 3 per cent at USD 44.85 billion in 2017-18. According to Anis Chakravarty, Lead Economist and Partner, Deloitte India, the slowdown in FDI could be because of re-routing of investments to economies like the US which witnessed an increase in interest rates together with a stronger dollar. "Expectations of further rate hikes by Fed, along with the tariff issues, this year can be expected to result in a further slowdown in foreign inflows. "The declining growth rate of FDI is more of an exogenous effect and the policy makers will have to continue to focus on ..
De Beers to focus on smaller cities in India for expansion
Global diamond producer De Beers is looking to partner local retailers in smaller cities to boost sales which it claims grew at 100 per cent last year. The company sells its diamond jewellery through 250 partnered retail stores in the country under the brand 'Forevermark'. "There is a strong appetite for diamonds in smaller cities. We plan to increase stores gradually in those cities by partnering local retailers," Forevermark CEO and Executive VP De Beers Group of Companies Stephen Lussier told PTI. Sales during January-June, 2018 remained robust and the overall sales volumes may double as compared to the last year, he said. "We are doing much better with our brand. We had 100 per cent growth in 2017. In 2018, we will double again," he said adding that the Forevermark brand has 30 per cent market share in India. The company is not only investing in marketing of its brand but also organising special events to equip partners with the new retail innovations, latest technology and ...
Passenger vehicles export from India dips 7.37% in Q1
Passenger vehicle exports declined 7.37 per cent in the first quarter of 2018-19 as various leading exporters focussed on domestic market while issues at some key markets abroad curtailed overseas shipments. As per the latest SIAM data, PV exports declined to 1,67,161 units in the April-June period as compared with 1,80,464 units in the same quarter of 2017-18. Barring Hyundai Motor India, all other major PV exporters saw their overseas shipments dwindle during the first quarter. Hyundai exported 39,425 units during the first quarter, up 18.9 per cent from the same period of the previous fiscal. The company has been balancing production at its Chennai plant to meet requirements of both domestic and export markets. On the other hand, Ford India exported 35,358 units during the period under review, down 27.67 per cent from April-June, 2017-18. "Exports during the quarter were affected due to preparation for the launch of new model, Freestyle," a Ford India official said, adding the ...
RBI gets global praise for targeted communication tools
The RBI has come in for effusive praise by the global banking authority, the Bank for International Settlements (BIS), for its effective communications strategy. The RBI has been applauded by the BIS, which calls itself 'a bank for central banks', for effectively using a targeted communication strategy for reaching out to the right audience in "short and simplified" language. In its latest annual economic report, Basel-based BIS, which is owned by 60 central banks from across the world including the Reserve Bank of India, has said that effective communication is critical for success, as in many other policymaking areas. "Communication can explain the objectives, strategy and policy process to the public, and thus build political support. In addition, it can help the authorities share their risk assessment with both the affected parties and the broader public, which can enhance effectiveness," the BIS said. Stating that the message needs to be delivered effectively to the right ...
Reliance vs PSUs: Battle for ATF pipelines in Mumbai hots up
The battle over lucrative pipelines supplying jet fuel to Mumbai airport is hotting up with a powerful formation of Reliance Industries and private airlines Jet Airways and Emirates trying to break the stranglehold of PSU oil firms BPCL and HPCL. BPCL and HPCL built and operate two separate pipelines from their Mahul refineries in Mumbai to supply jet fuel (ATF) to airlines at the Chhatrapati Shivaji International Airport at Santacruz in the city. Reliance, which produces a fourth of India's aviation turbine fuel (ATF), wants access to these pipelines to be able to get a pie of Rs 10,000 crore fuel trade that happens at one of Asia's busiest airports. While Reliance and airlines feel competition among fuel suppliers would bring down costs, HPCL and BPCL said the pipelines are their "captive" infrastructure to take products out of the refineries and giving third party access to them would hurt their operations and profits. Sector regulator the Petroleum and Natural Gas Regulatory Board
Job portals increasingly adopting AI tools to make job search more efficient
The recruitment space is innovating at a rapid rate and job portals are experimenting with Artificial Intelligence (AI) tools that is transforming the way talent is identified and hired, making the process more productive, efficient and diverse. In the recruitment space the primary challenge lies in finding the right fit for the right job within a stipulated period of time and automation can reduce the amount of time recruiters significantly. Leading job portals like Naukri, Monster, Shine, Indeed have adopted AI tools that can take over some of the most repetitive aspects of the hiring process especially around short listing and assessment of candidates. "Though in its early stages, AI is already able to match jobseekers with jobs, and in the near future, AI assistance will be crucial in helping companies retain employees and in helping individuals grow and meet their career aspirations," Sashi Kumar, Managing Director, Indeed India said. Zairus Master, CEO, Shine.com said, "We are ..
Indian digital economy will touch $1 trillion-mark by 2022: DEA Secy
Economic Affairs Secretary Subhash Chandra Garg on Saturday said that India's digital economy is expected to touch a $1 trillion mark by 2022."We expect the Indian economy to be a $1 trillion digital economy by 2022 and going forward... possibly by 2030, the digital economy would be half of the total economy," Garg said at the Platinum Jubilee Celebrations of the Institute of Cost Accountants of India (ICAI) here on Saturday.The Economic Affairs Secretary further said that India is the sixth largest world economy and it We would become fifth largest economy by 2022."We will become 5th largest economy by 2022. If a situation is favourable then we can become 5th largest economy by 2019 hopefully," he noted.Garg also underscored that today 7-8 percent rate of growth has become a norm. "We have to work hard to grow above the 8 percent growth rate. The economy is stable.""Good days are ahead and a lot of good work is happening in the economy. The economy is on a stage of takeoff where ...
Prepare for no-deal Brexit, German business groups tell members
BERLIN (Reuters) - German business groups have urged their members to step up preparations for a hard Brexit that would see Britain crash out of the European Union next year without negotiating a deal.
President Kovind inaugurates Platinum Jubilee Celebrations of Institute of Cost Accountants of India
The President of India, Ram Nath Kovind, inaugurating the Platinum Jubilee Celebrations of Institute of Cost Accountants of India on Saturday, said it is for cost accountants to ensure that wasteful activities and costs in production are removed and to help in innovation and improvement of processes as well.The Platinum Jubilee Celebrations were also attended by Union Minister of State for Corporate Affairs and Law and Justice PP. Chaudhary, and Secretary, Department of Economic Affairs, Ministry of Finance Subhash Chandra Garg besides other senior officials of ICAI.Speaking on the occasion, the President said that cost accountants play a substantial part in enhancing efficiency of processes, particularly in the manufacturing and of capital use.He said cost accountants are the best managers of the three Ms of a business organisation. These are - men and women who work there; the materials used as inputs; and the machines deployed for processing, fabrication and creation."As global ...
Goyal hears Rajasthan traders' grievances on GST, promises resolution
Union Finance Minister Piyush Goyal on Saturday took feedback from Rajasthan's business community on GST and assured that their complaints and suggestions would be be presented in front of the GST Council.
Four engineers kidnapped from Libyan oilfield, two released
Four workers were kidnapped today from an oil field in southern Libya, with two of them later released, Libya's National Oil Corporation said. The abductions at the Al-Sharara field will hit output in the country, whose fragile economy relies heavily on its oil supplies. "Armed men kidnapped four engineers at dawn this morning -- three Libyans and a Romanian," said Ramadan Saleh, in charge of security in Libya's southern Ubari region. Libya's National Oil Corporation confirmed in a statement that four workers were kidnapped by "unknown armed assailants", but said two have been released. The company said it was working with "appropriate authorities to resolve the issue", without giving further details of those abducted. "Oil wells in the surrounding area have been shut down as a precaution, and all other workers evacuated," the NOC said. The Al-Sharara field is one of the biggest in oil-rich Libya. Today's closure is expected to slash production by 160,000 bpd, according to the ...
4 engineers kidnapped from Libya oil field, 2 later freed
Four engineers were kidnapped from an oil field in southern Libya on Saturday, the state-owned National Oil Corporation (NOC) said on Saturday. Two of them were later freed.
Government to track down GST defaulters, warns Sushil Modi
Using data analytics, the government would track down and penalise defaulters of Goods and Services Tax (GST), said Group of Ministers (GoM) on GST Network ChairmanSushil Kumar Modi on Saturday.
High govt debt needs to be restructured over longer period: West Bengal to Finance Commission
The legacy issues related to high debt of West Bengal need restructuring in a multi-pronged manner, spread over a longer period, the state government has said in a memorandum to the Finance Commission. The 15th Finance Commission, chaired by N K Singh, will visit the state from July 16-18 and hold meetings with the Chief Minister, ministers and other officials. In a memorandum submitted to the Commission, the state government has said that it faces numerous challenges in its developmental stride. The fiscal picture in West Bengal is characterised by a high Debt-GSDP ratio and a low own tax revenue-GSDP ratio, it said, according a statement by the Finance Commission. Outstanding debt has remained consistently high over the period 2000-01 to 2017-18, it added.. The present government has contracted high debt from the previous government, which has put onerous burden for servicing debt liability on it. It has greatly circumscribed other developmental expenditure. Restructuring of legacy .
PM dedicates Varanasi gas distribution project to the nation
Prime Minister Narendra Modi today dedicated to the nation the Varanasi City Gas Distribution (CGD) network which will supply environment friendly natural gas to the city's households, transport sector and industries. The project, whose foundation stone was laid by Modi on October 24, 2016 as part of the Pradhan Mantri Urja Ganga initiative, was dedicated in a function here in the presence of Governor Ram Naik, Chief Minister Yogi Adityanath and other dignitaries. The CGD network, which is being implemented by GAIL (India) Limited at a cost of Rs 755 crores, will cover 1,535 sq km and cater to a population of 36.76 lakhs. Two Compressed Natural Gas (CNG) stations have started commercial operations while another 18 will be set up in the coming years. Overall, 20,000 vehicles are expected to use CNG in the city. Beside, Piped Natural Gas (PNG) connection work for 8,000 houses has been completed and are expected to be connected by March 2019. About 1 lakh households are likely to be ...
Bank, insurance unions threaten strike during Parliament's winter session
The Co-ordination Committee of Bank, Insurance and Finance Sector Unions (CCBIFU) on Saturday said a would be called during the winter session of the Parliament if the government does not revise its policies on banking and insurance sectors.